Get Your Financial House In Order

Friday, March 1, 2002

Get Your Financial House In Order (NAPSA)—According to the second annual Allstate “Retirement Reality Check” survey, 69 percent of Baby Boomers believe they know how much money they need to save for retirement. However, more than half of those surveyed (53 percent) also worry that they won't be able to meet these goals by retirement. Where do you stand in saving for your golden years? Here are some things to consider when putting a plan in place at various stages of yourlife: Getting started (age 21-30) Tackle short-term goals like reducing credit card debt and pay- ing off college loans. Participate to the maximum allowed in your employer’s 401(k) or similar savings plan. Getting settled (age 31-40) Focus on savings despite mul- tiple demands on your time and moneyat this stage of yourlife. e Invest for the long run to reap the most rewards. Consider other tax-deferred investments if you’re already maxing out your 401(k) and IRA contributions. Encourage children to con- tribute to their college funds. Moving up (age 41-50) If your kids are older, you can spend less on them and save more for retirement. Continue investing and let the power of compounding work for you. Consider your aging parents and talk to them about future care. Empty nesters (age 51-60) e With retirement around the corner, at least 15 to 20 percent of By planning early for your retirement, you makeit easier to enjoy your golden years. your income should go toward retirement savings. Your retirement investments will be working for you for years to come, so you don’t have to be over-conservative. Consider buying long-term care insurance now while rates are affordable. Update beneficiaries on financial documents. A new beginning (age 61+) Make a priorityof filling the gaps in medical coverage be- tween your employer’s plans and Medicare. Consider working part-time to supplement your income. e Learn about your Social Security and Medicare options and use them to their full advantage. e You may invest more conservatively, but keep your retirement fund earning aboveinflation. e If you don’t have an estate plan, make one now. Visit www.allstate.com to learn more.

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